Summary of the Conference Call for Chuanjinnuo Company Overview - Chuanjinnuo's total assets as of the first half of 2025 are 3.669 billion, with total liabilities of 1.029 billion and equity attributable to shareholders of 2.640 billion, resulting in a debt-to-asset ratio of 28.5% [2][3] Revenue Breakdown - Revenue composition for the first half of 2025: - Phosphoric acid: 52% - Feed-grade calcium salt: 24% - Phosphate fertilizer: 22% - Contribution to gross profit: - Phosphate fertilizer: 1.16 billion, 43% - Phosphoric acid: 870 million, 31% - Calcium salt: 730 million, 26% [2][4] Production and Sales Performance - Production and sales figures for the first half of 2025: - Repeated heavy calcium: 163,000 tons produced, 141,000 tons sold - Feed-grade calcium salt: 108,000 tons produced, 106,000 tons sold - Purified phosphoric acid (PPA): 83,000 tons produced, 79,000 tons sold - Crude phosphoric acid: 150,000 tons produced, 139,000 tons sold [2][6] Project Developments - A 300,000-ton phosphorus pentoxide project in Egypt with a total investment of 2 billion is progressing smoothly [2][7] - The East River temporary high solid waste treatment project has a total investment of 300 million [2][7] - The domestic approval for the Egypt project has been completed, with construction expected to start in the first half of 2026 [5][16] Financial Performance - Revenue for the first half of 2025 reached 1.744 billion, a year-on-year increase of 27.9% - Net profit attributable to shareholders was 177 million, a year-on-year increase of 166% [3] Cost and Profitability Analysis - The East River base operates at approximately 70% capacity, while the Guangxi base is running at full capacity [8] - The income and profit ratio between the two bases is approximately 2:1, with East River having a lower comprehensive cost by about 600 per ton compared to Guangxi, but higher transportation costs prevent it from exporting commodity-grade products [8] Export and Market Dynamics - The export ratio is approximately 60%, with domestic sales being minimal [5][9] - The company aims to avoid signing orders that require inspection due to new regulations [9] Market Conditions - Sulfur prices have risen significantly due to international supply-demand imbalances, with speculation also contributing to price increases [18] - The company sources about 80% of its sulfuric acid needs from self-produced sulfur and external procurement [19] Future Outlook - The company does not plan significant changes in domestic capacity but will focus on IP projects for future growth [20] - There are no immediate plans for overseas phosphorus resource acquisition, but future considerations may arise [29] Additional Insights - The company’s feed additive performance is stable, with expectations for consistent annual results [22] - The construction cycle in Egypt is expected to be 1.2 to 1.5 times longer than in China, but the simpler design of the first phase may allow for completion within two years [34] This summary encapsulates the key points from the conference call, providing a comprehensive overview of Chuanjinnuo's current status, performance, and future plans.

Summary of Data Port Conference Call Company Overview - Data Port reported a revenue of 810 million yuan for the first half of 2025, representing a year-on-year growth of 4.13% [2] - The net profit for the same period was 85 million yuan, up 20.37% year-on-year, while the net profit attributable to the parent company, excluding non-recurring gains and losses, was 70 million yuan, reflecting a 9.9% increase [2] - Cash flow has improved, with cash reserves reaching 2.4 billion yuan, providing financial support for future expansion [2] Industry Insights - Industry demand is expected to increase starting from the second half of 2024, despite initial impacts from the H20 ban on large manufacturers' capital expenditures [2][6] - The lifting of the H20 ban is anticipated to positively affect the AI industry chain and the IDC market [7] - Supply-side regulatory management is expected to promote healthier industry development, although short-term prices have not yet rebounded [6][7] Business Development - Data Port is focusing on small to medium-sized acquisition projects, targeting capacities between 10 MW to 80 MW, to expand its strategic customer base and increase revenue [2][10] - The company has a total capacity of approximately 371 MW as of mid-2025, with expectations for growth due to new customer orders [3] - The company is actively monitoring the first-tier market for price recovery, which has returned to acceptable levels [10] Regional Performance - The gross profit margin in East China has been affected by the handling of old data centers, while North China faced challenges due to project impacts from heavy rainfall [11] - The Midwest region is supportive of data center construction, offering policy incentives and stable green electricity supply [12] - Land acquisition costs in the West are lower than in the East, providing a cost advantage for future projects [14][15] Project Updates - The Langfang project has a 100% order signing rate, with the first building expected to be delivered by the end of September 2025 [16] - The design of the Langfang project primarily utilizes air cooling, with future adoption of liquid cooling dependent on power demand changes [18] Technology and Market Trends - Rapid development of liquid cooling technology is noted, with potential impacts on IDC layout strategies [4][17] - The demand for high-power cabinets has been expressed by some customers, but the volume remains low [20] Regulatory Environment - The National Development and Reform Commission (NDRC) has strict energy consumption audits for large IDC projects, affecting project approvals [21][22] - Wholesale IDC prices have stabilized without significant fluctuations [23] Pricing Strategy - Data Port does not have annual price adjustment clauses in contracts with major clients; pricing varies based on the speed of deployment [24] - The pricing model incentivizes faster deployment with lower unit prices [25]

Key Points Summary of Keda Li's Conference Call Company Overview - Keda Li reported a record high revenue of 3.6 billion yuan in Q2, with a profit also reaching a new high. The overall growth rate for the first half of the year was approximately 20%, with a target of 30% growth for the full year. Q3 revenue is expected to exceed 4 billion yuan, while Q4 is anticipated to be slightly lower than Q3 [2][12][38]. Financial Performance - For the first half of the year, Keda Li achieved a revenue of 6.645 billion yuan, a year-on-year increase of 22%. Net profit was 769 million yuan, up 18%. In Q2 alone, revenue was 3.623 billion yuan, with a quarter-on-quarter growth of 20% and a net profit margin of 10.54% [3][12]. Business Segments Robotics Business - Keda Li has launched new products in the robotics sector, including board lines, focusing on lightweight, long-life, and low-cost technologies. The company is collaborating with key clients and expects revenue from robotics to reach several tens of millions this year, with a growth target of 20%-30% for emerging clients [4][8][31]. - The company is preparing for a significant increase in production capacity and expects to see substantial growth in overseas revenue starting next year, particularly from projects like the CATL Hungary project and Korean clients [4][31]. Harmonic Products - New harmonic products made from steel-aluminum and aluminum-steel composites have been introduced. The company is also developing assembly products and has begun sample testing with clients, with plans to showcase these products next year [6][20]. - The wave harmonic technology is mature, and the company is ready for client volume production and solution confirmation [7]. Market Dynamics - The demand for industrial robots is currently high, while humanoid robots are still in small-scale production, with expectations for significant growth in the humanoid robot market by 2026, potentially reaching sales of several hundred million yuan [9]. - The company is facing pricing pressure due to market conditions but has managed to maintain a net profit margin above 10% through internal cost management [25][14]. Client and Market Growth - Increased client demand and market share gains are the main drivers of Keda Li's performance, with no inventory backlog reported [13]. - The company is actively working with 20-30 domestic clients for sample testing and is synchronizing production planning with client needs [15]. Future Outlook - Keda Li aims to become a comprehensive platform for robot components, with aspirations to lead in various parts of the robot assembly market. However, there are risks associated with potential development failures [24]. - The company is committed to maintaining growth in its core business while rapidly developing its robotics segment, with a target of continued high growth into 2026 [38].

Summary of the Conference Call for Xidian New Energy Company Overview - **Company**: Xidian New Energy - **Industry**: Electric Vehicle (EV) Components and Energy Storage Solutions Key Points and Arguments Financial Performance - In Q2 2025, Xidian New Energy reported total revenue of approximately 400 million yuan, benefiting from the ramp-up of the Volkswagen MEB platform and light truck projects, alongside increased demand from Tesla and Sunshine Energy [2][3] - Revenue for the first half of 2025 was about 390 million yuan, with battery connection systems (CCS) contributing around 110 million yuan and electric control and industrial bus revenues exceeding 20 million yuan [3] Market Demand and Outlook - The company expects Q3 2025 performance to surpass Q2, with stable orders from the Volkswagen MEB platform and strong demand for energy storage [4] - The overall market demand for the second half of 2025 is optimistic, with an anticipated industry growth rate of around 30% [4][20] - Sunshine Energy's demand remains strong, contributing positively to the overall market outlook [5] Client Relationships and Orders - Despite a slight decrease in demand from established clients like BYD, increased orders from clients such as Westinghouse and Mitsubishi have compensated for the shortfall [2][3] - The company is supplying to new clients including Hongqi, Great Wall, and Changan, with potential for increased volume in 2026 [8][9] - Xidian New Energy has established partnerships with Jianghuai and Geely, expecting mass production within 8 to 9 months [9] Product Development and Margins - The new product gross margin is expected to be at least 15%, with overall margins close to the average level [16] - The FCC technology offers a cost reduction of about 10% compared to traditional solutions, with potential gross margins of 15% to 20% if discounts are provided to manufacturers [17] Strategic Expansion - Plans to establish a factory in Thailand are underway, with trial production expected by the end of 2025 or early 2026, aimed at addressing potential tariff issues and supporting local automotive and battery manufacturers [27] - The company is also exploring international client relationships, including with major automakers like Mercedes-Benz, Ford, and General Motors, as well as companies in the energy storage sector like Samsung [28] Competitive Landscape - Xidian New Energy maintains a competitive edge through in-house equipment development and continuous upgrades, enhancing production efficiency and cost control [18][19] - The company is cautious about competitors relying on external suppliers, which may hinder their ability to keep pace with technological advancements [18] Future Projections - The energy storage business is projected to reach 1 billion yuan in 2025, with optimistic estimates for 2026 reaching around 1.5 billion yuan [24] - The company anticipates a steady increase in revenue from new clients, with production capabilities ready to meet sudden increases in orders [22] Market Trends - The Southeast Asian electric vehicle market is expected to grow rapidly, prompting Xidian New Energy to focus on this region for future expansion [33] Challenges - Tesla's demand has been affected by model cycle changes, but the company expects to align its growth with the overall industry growth rate of 30% [20][32] Additional Important Information - The company is not exclusively supplying Xiaomi, which uses a different supplier for its products [11] - The impact of Tesla's declining gross margins on Xidian New Energy's overall performance is being monitored, as it could affect sales of electric control products [32]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses advancements in the **robotics industry** and the **nuclear energy sector**. [1][8] Robotics Industry Insights - **Expansion of Applications**: Intelligent robots are transitioning from industrial manufacturing to commercial services, showcasing potential in tasks like room cleaning, folding clothes, and selling popcorn. [1][2][5] - **Technological Improvements**: Significant enhancements in operational control and hardware capabilities were noted, with improvements in the fluidity of movements in boxing and soccer robots, as well as stability in dancing robots. [2] - **Development Bottlenecks**: Key challenges include data collection and model training, with ongoing debates about the use of virtual versus real data for training. Dexterous hands require further optimization in speed, efficiency, accuracy, and consistency. [3][4] - **Market Drivers**: The second half of the year is expected to drive the robotics sector as companies actively pursue commercial orders. [6] - **Upcoming Events**: The World Robot Sports Conference will showcase current robotic capabilities and applications, aiding in understanding the industry's status and potential. [6] - **Investor Sentiment**: Positive outlook on the robotics sector, particularly with the potential showcasing of new technologies and companies with strong sales potential, such as Yushu and Zhiyuan. [7] Nuclear Energy Sector Insights - **Revival Trends**: A significant revival in nuclear energy is underway, supported by increased policy backing, with nuclear stocks outperforming MSCI ACWI by approximately 30 percentage points. [8] - **Future Projections**: By 2050, global nuclear power capacity is projected to grow from 398 GW to 860 GW, with an investment exceeding $2 trillion, primarily in China, India, and the U.S. [3][8] - **Key Growth Areas**: The U.S. has committed to building 300 GW of nuclear capacity, with a target of achieving 150 GW. [3][8] - **Investment Opportunities**: Notable companies in the nuclear sector include CGN, NTPC, and LNT, with a focus on utility companies. [10] - **Global Trends**: Three major trends are identified: 1. Increased demand for clean energy from tech giants and data centers. 2. Geopolitical factors favoring South Korean companies in certain regions. 3. Long-term technological advancements, including small modular reactors (SMR) and fourth-generation reactors. [9] Additional Noteworthy Points - **ESG Considerations**: The proportion of ESG funds excluding nuclear energy is decreasing, currently around 2%. [8] - **Market Dynamics**: The financing environment is favorable, with initiatives like green bonds in South Korea. [8] - **Potential Winners**: Companies like Curtis Wright, Even Nova, and Rolls Royce are highlighted for their potential in long-term technological advancements in nuclear energy. [9][10]

Summary of Puyang Nayi Co., Ltd. Conference Call Company Overview - **Company**: Puyang Nayi Co., Ltd. - **Industry**: Active Magnesium Oxide Production Key Points Supply Agreements - Puyang Nayi signed a priority supply agreement with Huayou for 150,000 tons annually, but supply is expected to be capped at 100,000 tons due to capacity constraints [2][5] - The agreement includes a basic price clause with potential adjustments based on the caustic soda index [3] Production and Sales Performance - In the first half of 2025, Puyang Nayi's active magnesium oxide shipment was nearly 30,000 tons, with an annual target of 70,000 tons [2][10] - Major clients include Greenmei and Luomou, with Greenmei reporting a 10%-15% cost reduction from using Puyang Nayi's products [2][17] - The company plans to expand production in Tibet, targeting a total capacity of 170,000 to 180,000 tons by the end of 2025 and 300,000 tons by the end of 2026 [2][7] Market Dynamics - The African market is experiencing supply tightness due to increased production by Chinese enterprises, impacting prices [2][15] - Puyang Nayi's products outperform blended methods in metal recovery rates and efficiency [2][15] Financial Performance - Other income categories contributed 550 million yuan in the first half of 2025, with active magnesium oxide contributing tens of millions [4][13] - The company faced challenges due to the bankruptcy of Eastern European clients and price adjustments in domestic steel enterprises, affecting profit margins [4][13] Capacity and Expansion Plans - Current production capacity is 50,000 tons, with plans to increase to 300,000 tons by the end of 2026 [7][24] - The company has a mining license allowing for a theoretical capacity of 1 million tons, with potential negotiations to increase this limit [9] Challenges in the Refractory Materials Industry - The refractory materials industry is facing price declines and rising social security costs, leading to many companies halting or reducing production [27] - Government measures and subsidies may help facilitate capacity clearance and promote healthy industry development [27] Future Market Focus - Puyang Nayi may prioritize markets with higher profit margins if significant price differences persist [16] - The company is exploring partnerships with Huayou, Ningde Times, and others, with expected developments in the near future [28] Cost Reduction Opportunities - Production in Tibet is expected to lower overall costs due to larger equipment and reduced transportation costs [28] Overall Outlook - The company aims for a revenue target of 6.25 billion yuan and a profit target of 320 million yuan for the year, but faces pressure due to significant price reductions [27]

Summary of Yiwu Small Commodity City Conference Call Company Overview - Yiwu Small Commodity City is a significant player in China's trade sector, ranking among the top in import and export totals, with a notable export growth rate of 25% year-on-year in the first half of 2025, highlighting its critical role in the Chinese commerce landscape [2][3]. Core Business Insights - The growth of Yiwu Small Commodity City is driven by three main factors: rental increases, expansion of physical space, and the development of new business lines [2][9]. - The company has a defensive asset characteristic, with over 85% of its exports directed towards non-U.S. markets, making it a crucial hub for safeguarding national trade security amid international trade instability [2][5]. Financial Performance and Projections - Rental income is projected to exceed 3 billion RMB in 2024, with profits estimated between 1.3 to 1.4 billion RMB, and an expected annual rental growth rate of over 5% [2][11]. - The expansion plan aims to complete by late 2025 to early 2026, adding approximately 7 to 8 billion RMB in annual revenue from new space, alongside an expected 20 billion RMB from location fees [2][12][10]. - The company’s profit growth is anticipated to exceed 30% in 2025, reaching between 4 billion to 4.5 billion RMB, with a valuation of less than 25 times earnings [19][20]. New Business Developments - The China GOODS e-commerce platform is expected to contribute over 200 million RMB in profits in 2024, with a projected annual growth rate of 50% [4][13]. - Yiwu Pay, a cross-border payment platform, is forecasted to handle 4 billion USD in cross-border receipts in 2024, with profits estimated at 6 million RMB, potentially reaching a billion RMB in 2025 [15][4]. Market Position and Strategic Importance - Yiwu Small Commodity City holds a strategic position in the export market, with its trade volume accounting for 80% to 90% of Yiwu's overall commerce [3][5]. - The company is positioned as both a strong offensive asset and a robust defensive shield, reflecting its dual role in promoting growth while ensuring trade security [7][8]. Regulatory and Policy Impact - Recent reforms and policies, including the "Belt and Road" initiative and new import regulations, are expected to catalyze further growth and value reassessment for the company [2][6]. - The cross-border import business is projected to grow significantly due to favorable government policies, potentially reaching a volume of 200 to 300 billion RMB, which would greatly enhance profitability [16][17]. Stock Performance and Market Sentiment - Since late August 2024, the stock price has more than doubled, driven by market changes and the realization of growth strategies, including expansion projects and new business initiatives [22]. - Despite some volatility due to leadership changes, the company remains in a critical strategic phase with potential for further catalysts and growth opportunities [22][23]. Conclusion - Yiwu Small Commodity City is positioned for substantial growth, supported by its strategic market role, ongoing expansion, and new business initiatives, making it a compelling investment opportunity in the Chinese trade sector [23][24].

Summary of Key Points from Conference Call Industry Overview - The logistics industry is experiencing growth in the application of unmanned logistics vehicles and humanoid robots, indicating a rising market but not yet saturated [1][3][5] Core Insights and Arguments - As of the end of July, approximately 400 unmanned logistics vehicles have been integrated into the Zhongyou Technology Intelligent Transport Control Platform, with expectations to meet a demand of 3,500 vehicles by year-end, highlighting the increasing demand within the postal system, which is projected to require hundreds of thousands of units [1][3][5] - China Post Group has designated Zhongyou Technology to manage and operate unmanned logistics vehicles and related equipment, including procurement, maintenance, and labor outsourcing, indicating an enhanced role for Zhongyou Technology in the postal logistics system [1][6] - Humanoid robots are currently achieving 50% of human efficiency and can operate 24/7, suggesting significant potential for efficiency and cost reduction in logistics operations as technology matures [1][8] - Zhongyou Group employs approximately 160,000 logistics workers, with estimates suggesting that over 800,000 personnel may be involved across various logistics roles, indicating a substantial potential for robot replacement [9][10] Economic Viability and Market Dynamics - The economic tipping point for the use of unmanned logistics vehicles is not yet reached, but the gradual increase in deployment across provinces suggests a positive trend [3][5] - The postal system's projected need for tens of thousands of unmanned logistics vehicles indicates that the current deployment is far from saturation, with significant room for growth [3][5] - The integration of humanoid robots in logistics can enhance package standardization, reduce manual sorting, and improve overall production efficiency, thereby addressing existing bottlenecks [3][13] Support and Strategic Initiatives - China Post Group is supporting Zhongyou Technology through centralized maintenance of equipment, internal procurement, and integrated operations, with a total support budget of approximately 160 million yuan [14] - The strategy includes centralized monitoring and maintenance services for over 90 mail processing centers, which will enhance Zhongyou Technology's market share and operational capacity [14] Future Outlook - The deployment of unmanned logistics vehicles is expected to accelerate, particularly in the fourth quarter as provincial branches aim to meet project completion targets and prepare budgets for the upcoming year [15] - The potential for humanoid robots to facilitate door-to-door delivery services is promising, especially with advancements in smart community infrastructure [11][12] Additional Considerations - The current postal system does not universally offer door-to-door delivery, but private courier services may charge an additional fee of 0.3 to 0.5 yuan per item for this service [11][12] - The integration of humanoid robots is anticipated to further optimize user experience and reduce operational costs in logistics [12][13]

Summary of Sunlight Power Conference Call Company Overview - **Company**: Sunlight Power - **Industry**: Photovoltaic (PV) and Energy Storage Key Points and Arguments - **Market Position**: Sunlight Power benefits from favorable policies in the US and Southeast Asia, showing stock price resilience. The company is expected to experience a performance turning point in the PV industry by 2026, with significant growth in its inverter, energy storage, and new energy systems businesses [2][3] - **Revenue Growth**: The company has maintained revenue growth, even amidst a general decline in the PV industry in 2024. The independence of the inverter business and the growth trajectory of the energy storage segment provide strong support [2][6] - **Global Energy Storage Capacity**: It is projected that global energy storage installations will reach 275 GWh in 2025, with growth rates in China, the US, and Europe expected to be 34%, 56%, and 40% respectively. Emerging markets like the Middle East may see growth exceeding 200% [2][7] - **Inverter Replacement Cycle**: A replacement cycle for PV inverters is anticipated, with a peak demand expected in early 2025-2026. The demand for inverters is expected to significantly exceed actual installation needs in the next two years [2][9] - **Domestic Energy Storage Demand**: Rapid growth in domestic grid-connected energy storage demand is driven by the need to address consumption and voltage stability issues during the transition to renewable energy sources. For instance, energy storage can enhance utilization rates to 100% in Gansu Province [2][10] Additional Important Insights - **Business Segments**: Sunlight Power's main business segments include PV inverters, energy storage systems, and new energy systems, all of which are growing at rates above industry averages. The company was the first in China to launch a modular inverter solution [4][12] - **Global Strategy**: The company has a global development strategy, with products sold in over 180 countries and regions. Its production capacity in India and Thailand has reached 25 GW [14][15] - **Cost Structure**: Sales expenses have increased significantly since 2022, although a decrease was noted in 2023 due to measurement issues. The company maintains a low sales expense ratio compared to peers, while R&D investments have been consistently elevated, particularly in energy storage [16] - **Profitability**: Despite intense market competition, the company has demonstrated resilience in gross margin, expense control, and net profit margin. The overall installation demand for both PV and energy storage is exceeding expectations, leading to a positive outlook for the company's performance in 2025 [17]

Summary of China Aluminum Industry Conference Call Company Overview - China Aluminum, established in 2001, is a leading company in the aluminum industry globally, primarily engaged in alumina, electrolytic aluminum, trading, and energy sectors. As of the end of 2024, the company has an alumina production capacity of 22.26 million tons, electrolytic aluminum capacity of 7.62 million tons, and coal production capacity of 16.6 million tons. A slight increase in capacity is expected in 2025 [2][3] Key Financial Performance - The company reported a steady revenue stream, with net profit attributable to shareholders reaching 12.4 billion yuan in 2024, an 85% year-on-year increase, driven by a 40% rise in alumina spot prices and a 7% increase in electrolytic aluminum prices [2][7] - The company has gradually reduced its trading segment, with its revenue share decreasing from 56% in 2022 to 44% in 2024 [2][8] Subsidiary Performance - Among its subsidiaries, Guangxi Huasheng led with a net profit of 2.125 billion yuan in 2024, while other subsidiaries like Baotou Foundry, Guizhou Huajin, and others reported net profits around 1.5 billion yuan each [2][6] Capital Expenditure and Resource Management - Capital expenditures have been significant, with amounts of 4.8 billion yuan in 2022, 6.7 billion yuan in 2023, and projected at 10-15 billion yuan in 2024. The company plans to maintain capital expenditures between 10 billion to 15 billion yuan in 2025 [5][10] - China Aluminum controls about half of the domestic bauxite resources, with early production concentrated in Shanxi and Henan. The overseas Boffa mine in Guinea is expected to increase production to 20 million tons in the coming years [5][11] Debt and Dividend Policy - As of the first quarter of 2025, the company's debt-to-asset ratio has decreased to approximately 48%, attributed to significant asset impairments. The dividend payout ratio has increased from 15% to 30% since 2021, with expectations for further increases aligned with performance growth [2][9] Market Outlook and Profit Forecast - For the years 2025 to 2027, projected net profits are 12.38 billion yuan, 14.837 billion yuan, and 17.283 billion yuan, respectively, based on assumptions of electrolytic aluminum prices at 20,500 yuan/ton, 21,000 yuan/ton, and 21,500 yuan/ton, and alumina prices at 3,100 yuan/ton [16] - The current stock price corresponds to a price-to-earnings ratio of approximately 11 times for 2025 and 9.2 times for 2026, maintaining an outperform rating for the company [16] Additional Insights - The trading segment, managed by China Aluminum International Trading Group, is responsible for logistics services and has contributed significantly to profits, with a reported net profit of about 1 billion yuan in 2024 [13][14] - The energy segment, primarily through Ningxia Energy, reported a net profit of 750 million yuan in 2024, with coal production of 13.16 million tons and electricity sales of 16.3 billion kWh [15] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic direction, and market outlook.